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Investments | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments The following table summarizes the carrying value of the Company’s investments as of September 30, 2023, and December 31, 2022:
| As of
| September 30, 2023 |  | December 31, 2022
Fair value investments: |  |  |
Securities held in Consolidated Funds(a) | $ | 69,490,476 |  |  | $ | 54,740,993 |
Company sponsored investments | 67,549,541 |  |  | 66,828,910 |
Company sponsored equity method investments | 27,588,184 |  |  | 24,105,808 |
Total Investments | $ | 164,628,201 |  |  | $ | 145,675,711 |
(a) Of the securities held in the Consolidated Funds as of September 30, 2023, DHCM directly held $39.9 million and noncontrolling shareholders held $29.6 million. Of the securities held in the Consolidated Funds as of December 31, 2022, DHCM directly held $37.5 million and noncontrolling shareholders held $17.2 million. As of September 30, 2023 and December 31, 2022, the Diamond Hill International Fund was the only fund in the Consolidated Funds. The components of net investment income (loss) are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Realized gains (losses) | $ | 211,446 |  |  | $ | (162,973) |  |  | $ | 1,017,983 |  |  | $ | (432,444) |
Change in unrealized | (6,283,344) |  |  | (8,742,185) |  |  | 4,367,873 |  |  | (35,262,608) |
Dividends | 1,457,543 |  |  | 886,212 |  |  | 4,497,091 |  |  | 2,517,672 |
Other income (loss) | (22,597) |  |  | (12,760) |  |  | (160,453) |  |  | (124,456) |
Investment income (loss), net | $ | (4,636,952) |  |  | $ | (8,031,706) |  |  | $ | 9,722,494 |  |  | $ | (33,301,836) |
Company-Sponsored Equity Method Investments As of September 30, 2023, the Company’s equity method investments consisted of DHMF and the Diamond Hill Large Cap Concentrated Fund, and the Company’s ownership percentage in these investments was 85% and 44%, respectively. The Company’s ownership in DHMF and the Diamond Hill Large Cap Concentrated Fund includes $5.2 million of investments held in the Deferred Compensation Plans (as defined in Note 6). The following table includes the condensed summary financial information from the Company’s equity method investments as of and for the three-month and nine-month periods ended September 30, 2023:
|  |  | As of
|  |  | September 30, 2023
Total assets |  |  | $ | 45,039,288 |
Total liabilities |  |  | 221,720 |
Net assets |  |  | 44,817,568 |
DHCM’s portion of net assets |  |  | $ | 27,588,184 |
| For the Three Months Ended |  | For the Nine Months Ended
| September 30, 2023 |  | September 30, 2023
Investment income | $ | 227,882 |  |  | $ | 588,001 |
Expenses | 63,972 |  |  | 176,241 |
Net realized gains | 128,182 |  |  | 504,096 |
Change in unrealized | (558,593) |  |  | 2,848,511 |
Net income | (266,501) |  |  | 3,764,367 |
DHCM’s portion of net (loss) income | $ | (85,509) |  |  | $ | 2,738,071 |
The Company’s investments at September 30, 2023 include its interest in DHMF, an unconsolidated VIE, as the Company is not deemed the primary beneficiary. The Company’s maximum risk of loss related to its involvement with DHMF is limited to the carrying value of its investment, which was $16.1 million as of September 30, 2023.

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